Tesla supplier CNGR said to target US$500 million in Hong Kong listing

Chinese battery-component producer CNGR Advanced Material is working with Huatai Securities (6886) and Morgan Stanley on its planned Hong Kong listing, according to people familiar with the matter.

The company could raise US$400 million (HK$3.12 billion) to US$500 million in the share sale, the people said, asking not to be identified because the information isn’t public. Details of the potential offering are still under discussion, they added.

CNGR said Tuesday it planned to list in Hong Kong to promote its international development. Its filing to the Shenzhen bourse didn’t provide details about the offering. Representatives for CNGR and Morgan Stanley declined to comment. Huatai didn’t have an immediate comment.

The supplier to companies including Tesla, Samsung SDI, LG Chem and Contemporary Amperex Technology Co joins a wave of mainland China-listed firms seeking to sell shares in Hong Kong after authorities limited the possibility onshore. CNGR listed in Shenzhen in December 2020.